Maryland is expected to join the league starting in 2014. Because of a 27-month notification period in the Big East and a $10 million exit fee, Rutgers may have to wait until 2015.

"Our best wishes are extended to all of the people associated with the University of Maryland," ACC commissioner John Swofford said in a statement. "Since our inception, they have been an outstanding member of our conference and we are sorry to see them exit. For the past 60 years the Atlantic Coast Conference has exhibited leadership in academics and athletics. This is our foundation and we look forward to building on it as we move forward."

Maryland has been an ACC member since 1953 and has established rivalry games with Duke and North Carolina, among others. But the decision came down to money and football.

Home games against Ohio State, Michigan and Nebraska would surely be sellouts. And, it is entirely possible that the school would consider expanding the on-campus stadium from its current capacity of 54,000.

For both schools, the move should come with long-term financial gain. The Big Ten reportedly paid its members $24.6 million in shared television and media rights revenues this year.